Loan forgiveness is one of the key features of the government’s economic stimulus response to COVID-19. The U.S. Department of Treasury has now issued interim final rules on qualifying for forgiveness under the Paycheck Protection Program.
Under PPP, which was created by the federal CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses. Click here for more information from the U.S Chamber of Commerce. Additional information on the loan forgiveness application from Harris Beach can be found here.
At the same time, the Treasury also issued an interim final rule that addresses SBA’s loan review procedures and other related borrower and lender responsibilities.
Contact your Harris Beach attorney for assistance in submitting applications and understanding your obligations.
This alert does not purport to be a substitute for advice of counsel on specific matters.
Visit our COVID-19 response page for additional resources related to the pandemic.
Harris Beach has offices throughout New York State, including Albany, Buffalo, Ithaca, Long Island, New York City, Rochester, Saratoga Springs, Syracuse and White Plains, as well as New Haven, Connecticut and Newark, New Jersey.